Friday, July 30, 2021

US Republican House Committee is now accepting crypto donations.

The Takeaway:

The National Republican Congressional Committee (NRCC) has begun soliciting donations in cryptocurrencies. NRCC is the first committee to accept crypto donations.

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The National Republican Congressional Committee (NRCC) is a campaign arm of the Republican Party, working to elect candidates to the United States House of Representatives. NRCC has begun soliciting donations in cryptocurrencies. This move makes the NRCC the first national party committee to solicit crypto donations. While this is the first party committee to do so, several federal political candidates have accepted cryptocurrency donations in the past. 


NRCC chairman has called for crypto regulations in the past.

NRCC allowing crypto donations is only natural, given its leadership. Earlier, the NRCC chairman, Rep. Tom Emmer, who is also a co-chair of the Congressional Blockchain Caucus and a member of the House Financial Services Committee, had advocated for the IRS to ease regulations on cryptocurrency donations charitable groups. The crypto will immediately be converted into dollars upon receiving the donations before entering the NRCC’s account. This means that the committee never actually takes possession of the donated cryptocurrencies. The Federal Election Commission had expressed concerns over how cryptocurrencies relate to federal transparency and disclosure rules.


US Republican Senator raves about bitcoin. 

In an interview with Reason Podcast, happened during the Bitcoin 2021 conference in Miami, US Republic Senator from Wyoming Cynthia Lummis raved about the leading cryptocurrency and said she is all on bitcoin. She went on to say, “Bitcoin not only provides a legitimate alternative store of value and medium of exchange but would act as a check on the devaluation of the US dollar and other currencies through the runaway creation of fiat money.” She also noted that the growth of bitcoin—mistakenly assailed for its heavy use of electricity—is acting as a spur to create renewable energy in places. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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